Shiba Inu (SHIB) Community Continues Token Burn Strategy, Removing 15,239,220.91 SHIB from Circulation

Amid the ongoing crypto market bloodbath, the Shiba Inu SHIBUSD community has continued its token burn strategy

The Shiba Inu community has continued its token burn strategy amid the ongoing crypto market bloodbath, with the team revealing the latest burn activity involving 15,239,220.91 SHIB being removed from circulation.

Following this latest burn, a total of 819,034,689 SHIB has now been sent to dead or unspendable wallets, where they can never be retrieved.

SHIB burns decline 60.65%, TVL stagnant

While data from the Shibburn website shows that a total of 37,643,409 SHIB has been burned over the past day, the SHIB burn rate has surprisingly declined by 60.65%.

The drop in SHIB’s burn rate comes as a surprise, as a report yesterday disclosed a massive 12,278% spike in the burn rate following the removal of over 110 million SHIB the previous day.

Despite the slowdown in SHIB burns and a notable 3% dip in the coin’s price, there is speculation that the SHIB team may have eased its burn strategy as investor sentiment turns bearish.

According to the data, the largest token transfer to an unspendable wallet in a single transaction happened about eight hours ago, involving 15,239,220 SHIB. Meanwhile, two other large transfers of 10 million SHIB each occurred an hour earlier.

Following the bearish market trend, on-chain data from DefiLlama shows that Shibarium's total value locked (TVL) has remained stagnant over the past day, signaling decreased investor confidence.

However, investors are optimistic that ongoing burns and ecosystem developments by the SHIB team will have a significant impact on the token's performance in the long run.